The lottery is an institution that has been embraced by many states, offering players the chance to fantasize about winning a fortune for just a few bucks. But critics say lotteries have a dark side, encouraging addictive gambling behavior and acting as a hidden tax on poor communities. Moreover, state politicians are often at cross purposes with voters by promoting the lottery as a painless way to increase government revenues.
A common approach is for the state to legislate a monopoly; select a public corporation to run the lottery and start with a modest number of relatively simple games. However, under pressure to generate additional revenue, most lotteries progressively add new games and become more complex. The result, says one expert, is that state-run lotteries operate at cross purposes with their true function, which is to raise money for the benefit of the general population.
There’s also a good reason to avoid picking numbers like birthdays or other personal combinations. If you do, you’re likely to share a prize with someone else who picked the same numbers, and your share will be smaller. Instead, Glickman recommends using Quick Picks, which are numbers picked by the computer.
And if you do win the lottery, experts agree that it’s best to keep your winnings a secret and tell as few people as possible. That can help you avoid scammers and even long-lost friends who want to get back in touch. Also, consider your options for receiving your payout — cash or annuity. A lump sum may be better for funding long-term investments, while an annuity will guarantee a larger total payout over time.
